Corus results show "substantial improvement" despite £305m loss
11:08 18 Mar 2004
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Steelmaker Corus has unveiled a "substantial improvement" in full-year results after annual losses narrowed to £305m.
The figure for 2003 compares with £458m in 2002 which led to the resignation of chief executive Tony Pedder.
The group, which was formed through the merger of British Steel and Dutch-based Hoogovens in 1999, said it had benefited from the global recovery in steel prices, as well as from a better manufacturing performance.
The results also showed turnover rose 11% to £7.95bn with the increase primarily due to higher volumes and prices in carbon steel.
Corus chief executive Philippe Varin, who replaced Pedder, said: "The group benefited from a global recovery in steel prices in 2003.
"Together with significant progress in our manufacturing performance and continued benefits from our ongoing cost and efficiency programme, this more than offset higher raw material costs.
"This has led to a substantial year on year improvement in the Group's results," he said.